The CEO of Coinbase criticizes the SEC and says that the agency guided by Gensler has added immeasurable damage to the United States
The CEO of Coinbase criticizes the SEC and says that the agency guided by Gensler has added immeasurable damage to the United States
The crypto community has not left anything to insult the US Securities and Exchange Commission (SEC) and, which is even more important, to insult its boss Gary Gensler. The actions of the latter were rejected by members of his own agency.
Gensler even received political resistance for his actions. But the SEC boss continued to defend the procedure for the markets for digital assets and said that he had never seen an industry that violates the lawsuit so routinely.
SEC approach of regulation through enforcement
While Coinbase is preparing for a court dispute with the SEC, his CEO Brian Armstrong had some strong words for the regulatory authority. The executive believes that the SEC has added "immeasurable damage" to the country by deciding to regulate the area of digital assets by enforcing instead of proactive cooperation between regulatory authorities and industry leaders.
in a recent Armstrong said,
"I spent the day in DC to meet members of the congress. For many reasons, we need regulatory clarity for the centralized crypto actors-consumer protection, national security, economic growth, etc. The SEC has added an impossible damage with its policy to enforce regulation.
The top manager of the largest US crypto exchange also provided the prospect of moving abroad, unless the regulatory climate changes after the SEC warned it about possible violations of securities law.
Coinbase is not the only industry representative who criticizes the financial supervisory authority and its policy.
The Web3venture Capital company Paradigm recently said that the SEC's attempt, "crypto-assets, which may not even be" securities "to insert with brutal violence into a poorly fitting framework, is a bad policy. offer.
In the meantime, the US representative Warren Davidson also announced his intention to introduce a law to displace Gensler from his position in order to "correct a long series of abuse".
crypto clan of the SEC
The crypto posture of the SEC and the chairman Gensler was sharply condemned by Republican Congressmen during the congress hearing on Tuesday. In the opening speech, the chairman of the House Committee on Financial Services, Patrick Mchenry (R-NC), described the approach of the SEC to the crypto exchange as "nonsensical" and criticized the lack of clarity.
Despite increasing criticism, the agency remains relentless in its war against crypto. The chairman of the SEC, Gary Gensler, defended the procedure against the cryptocurrency markets and at the same time confirmed his conviction that the authority has sufficient powers to deal with the industry. He also claimed that there was regulatory clarity and added that he had never seen an industry that violates so routinely against securities laws.
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